SEZ coming up at Sholinganallur
	CHENNAI:The Secunderabad-based Nuziveedu Seeds Limited (NSL) and the Tamil Nadu Industrial Development Corporation (TIDCO) on Friday signed a memorandum of understanding for establishing a special economic zone (SEZ) with an investment of Rs.1,500 crore to house information technology, IT-enabled services and biotechnology companies. The SEZ to come up on a 66 acre-site at Sholinganallur on the Old Mahabhalipuram Road (OMR) would provide direct and indirect employment to 25,000 persons, an official release said. The company had received the Centre's approval for setting it up. The MoU was signed by TIDCO Chairman and Managing Director S. Ramasundaram and NSL Managing Director M. Prabhakar Rao in the presence of Chief Minister M.Karunanidhi at the Secretariat here. Shortly after signing the MoU, Mr. Rao told reporters that the project would be established in three phases on built-up space of 46 lakh square feet. It would have 21-lakh square feet space for houses. A hotel with 150 rooms and a supermarket would be constructed on a 4-lakh square feet site. "It will be an environment-friendly and carbon neutral project, having facilities for water recycling, [generating] green power using wind energy and with design features for reducing energy requirements by 20 to 25 per cent," he said. The site on the OMR was chosen as the area had been declared as the IT corridor with very good infrastructure, he said. FDI opportunities Mr. Rao said various foreign direct investment opportunities were being discussed. Describing NSL as a diversified company, he said though it started with seeds, the company had a Rs.1,000-crore capital investment in textile industry, Rs. 450 crore in sugar and co-generation in Karnataka. Nuziveedu also had a 6-lakh square feet. IT park in Bangalore. The company was developing two SEZs in Hyderabad and one each in Delhi and Chennai, he said. The work on the Chennai SEZ had already started after planning was completed, Mr. Rao said, adding that the company had applied for approval from local authorities. "We hope to start the construction in June and the first phase will be completed in 18 to 24 months. We are planning to complete the entire project in four years. We got excellent support from the Tamil Nadu Government," he said. The Chennai SEZ project would be implemented through a special purpose vehicle, Zillion Estates, having NSL as the main promoter and the TIDCO as co-promoter. The TIDCO would be holding 2.5 per cent equity, besides helping NSL to complete the project on a fast track mode, he said.